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Forex Education: GBP/JPY Trade Update (Break of the 207.00)

- by NickB 12

Hey guys

If you’ve been following my weekly Forex analysis you would have noticed we had two trades this week. On Monday when I released the analysis video I said I would be looking for a break of the 207.00 line for a short trade. That line ended up being broken, the trade was taken and it was worth about 70 pips. Hope you guys took the trades!

I tallied this weeks two trades up and together they are worth 140 pips!

This weekend I will release a podcast video (on this blog) explaining a technique of trading S+R lines and Scalp lines together. A technique that would have made the trade discussed in the video below worth 140+ pips instead of just 70+ pips!

Happy trading!

P.S. Spread the word!…. tell your friends about this blog!

  • hepher Ramirez

    this looks real good,i give 5 AAAAA…….. can you try send me some entry posicions?

  • admin

    I do not send entry positions but if you watch the analysis you will know where I plan on entering.

  • krishna karthik

    Hey Nick! I have a few doubts for you.

    1. What are the entry rules is a scalp line or a normal sr line is broken? Do you enter immediately within a few pips or wait for a candle to close?

    2. If you do wait for a candle to close which time frame one would that be?

    3. What would be the stop loss for a scalp line break out and a sr line break out?

    4. Do you look only for break outs or do you trades bounces also?

    5. Do you use Fibonacci or pivot calculations when in a trade or is it just simple and plain s&r break out method?

    Thank you.

  • admin

    All these questions have been answered multiple times in the forum and when I say multiple I mean at least 10-20 times. On top of that with a little quick study (watching the vids and reading the free e-books) you will be able to answer those questions yourself.

    ——–
    Questions….
    1. “What are the entry rules is a scalp line or a normal sr line is broken? Do you enter immediately within a few pips or wait for a candle to close?”

    2. If you do wait for a candle to close which time frame one would that be?

    Answer….
    EA’s and noobs have set ‘rules’ I do not, I judge each trade based on what I am seeing at that moment. Every trade is unique and applying a generic set of rules to every single trade is not a good idea.

    It is like saying every time Mike Tyson throws a jab I will dodge left, what if after 3 failed jabs Mike jabs with his right?

    Every trade should be analysed for its own merits!
    ——–

    ——–
    Question….
    3. What would be the stop loss for a scalp line break out and a sr line break out?

    Answer….
    Depends on how much you are targeting….. like with any trading method. I can’t say I will risk 40 pips on every trade if on some trades I will target only 40 pips. Generally speaking though scalps are 20-40 and normal traders are 50-70 depending on targets.
    ——–

    ——–
    Question….
    4. Do you look only for break outs or do you trades bounces also?

    Answer….
    This is why I get pissed off when people ask me questions I have answered many time before. On this very page you see an example of a bounce trade!
    ——–

    ——–
    Question….
    5. Do you use Fibonacci or pivot calculations when in a trade or is it just simple and plain s&r break out method?

    Answer….
    No I do not use fibs or pivots to exit trades I use S+R lines, candles and price action. My trading is not just a breakout method, candles patterns play a major role in my trading.
    ——–

    Again before you ask questions that have been answered 50x take a look around!

  • JeffNLisa

    I have actually got several friends and relatives that I could not get them interested in forex who are now watching the blogs, and hopefully soon will be able to encourage them to start a live account.

    Also, in the forum where you have previously said something about “spoon-feeding” the trades. I think the way you are doing it is better. It helps us to both get into winners on your recommendations, AND at the same time, learn to think for ourselves.

    Thank you for the continued blogs-

    Jeff

  • krishna karthik

    Thanks Nick for answering my questions with patience even though it seems you have already answered them a billion times. Next time I shall look around. Thanks again.

  • Wes

    Thanks NickB!!!!

  • AzDraon

    I wish I had $$ to put into the forex! Damn school and debt. Oh well, I must be patient…

    Love the blog and the website Nick, keep it up!

  • dogbaron

    85 pips send their thanks. Cheers Nick.

  • http://expressdefense.com Tony

    Nick you are The Man (as we say in America). Much appreciation to you and your wisdom :)

  • Jude

    Nick, I love seeing these explanations. Very clear, concise, and devoid of the “secret” formula to make money with Forex that we hear about every day. There is no secret formula.
    Thanks for keeping these going.

  • O’Zeeke

    Hi Nick, I missed the break going short, but after studying your excellent video course, i entered long (207.00)after the close of that long wick. good for over 100 pips. Thank you for all this great stuff

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